Litigation survival guide - part 18. Putting payment terms under the microscope

With no end in sight to the economic downturn, payment terms are increasingly important to many businesses. Contractual terms agreed in the past regarding payment may now appear somewhat outdated: buyers might be looking to pay over longer periods while suppliers will be seeking payment at the earliest opportunity, or may well be worried about getting paid at all.

Therefore, for a number of reasons, businesses may be looking at the issue of payment terms and considering whether those terms are still suitable and if not, what options are available to change them. Our experts provide some points to consider when looking at payment terms.